Episode 433: Dig Into Your Market – 1 Simple Thing Online

On Today’s Show

Author and entrepreneur Pat Flynn says a great business serves others. That means we first have to know who those “other” people are. The first step is to see who else is out there serving that target audience. The goal for your business is to stand out of the crowd and be different, but how do you know what that means unless you know who else is standing around you.

You can discover this by creating your Market Map, which is an excellent exercise whether you’re just starting out in business or whether you’ve been doing it for awhile because it gives you a bird’s-eye perspective on your market that most people who are in that market don’t even have.

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1 Simple Thing Action

Create Your Market Map. Find the 3 P’s of your target audience. Places. People. Products.

Mentioned In Episode

The Market Map – Find the 3 P’s of your target audience:

Places – online or off, where your target audience tends to congregate. Ex. blogs, forums, Facebook groups, communities, meetups, organizations, conferences, events, etc.

People – these are the influencers that already have influence and authority with that particular target audience. Ex. Top Twitter profiles, Top people on Facebook, anybody who’s already known in the industry, look to podcasts to find who have been interviewed, also those who are doing the interviews in a particular niche.

Products – those are the products that are already being offered to that particular target audience and what their prices are.

The Market Map – Find the 3 P’s of your target audience:

(P) Problems – of your target audience. This is what you are trying to solve.

(L) Language – your target audience uses. The best way to gain credibility and trust is to talk in your audience’s language.

(A) Anecdotes – stories of your target audience. This is where you get to feel the emotions your audience is going through. Start the conversation by saying; “Tell me about a time when _________________.”

(N) Needs – and understanding of what your target audience “needs”. What is it that they need.